Soybean Meal May '23 (ZMK23)

Soybeans saw stronger trade late in the session, as front months were 3 to 4 cents higher at the close. March was a dime higher this week. The cmdtyView national average Cash Bean price was 3 3/4 cents higher at $9.98 ¾. Soymeal futures were 20 cents to $3.70/ton, as March rallied $9.90 this week. Soy Oil futures were 5 to 21 points higher, with March up 138 points since last Friday.

Export Sales data from this morning showed a marketing year high in soybean sales at 2.45 MMT in the week of 1/15. That was 18.6% above last week and 63.97% larger than the same week last year. China was the largest buyer of 1.304 MMT, with unknown destinations the buyer of 338,300 MT and 218,300 MT sold to Egypt.

Soybean meal sales were tallied at 412,671, on the high side of estimate of between 200,000 and 500,000 MT in that week. Soybean oil sales were 10,499 MT in that week on the lower half of 5,000-25,000 MT estimates.

CFTC data pegged spec traders in soybean futures and options... Read more